Nike has been suffering from the corporate illness that became pervasive over the past 15-20 years. Companies became just a money extraction service for those on top and in the name of shareholders, and they exist until there is nothing left. Products, consumers and workers have been on a back bench for a while. Sweeping cuts are just about short-term shares price, without any deeper thoughts about the future of the company. And human beings who actually create value can be damned.
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Stock going down is expected. They’re building a new resistance to spring from. That’s what this all is for.
Funny thing is the stock has gone down during this time.